BP and Shell each gain 4% as energy stocks in Europe rally

Energy stocks rallied in early trade in Europe after the surprise cut in production announced by OPEC countries over the weekend. Of Stoxx Europe 600 components, Harbour Energy
HBR,
+5.72%
rose 8%, Aker BP
AKER,
+4.24%
added 7% and Galp Energies
GALP,
+5.21%
gained 6%, and of the majors, TotalEnergies
TTE,
+4.19%,
BP
BP,
+4.35%
and Shell
SHEL,
+4.25%
each rose 4%. Most of the European stock market indexes were higher, with the FTSE 100
UKX,
+0.72%
rising 0.6%.